you know, when you look through a really strong macro lens, it opens a whole nother world. o world-- - it is another world. - it is a whole nother world. it sure is. - exactly. - but, you know, you walk by, and you look, and you say, "wow, this is really pretty." but when you really start getting into it, get the macro lens and get in for extreme close-ups-- - and you've got to look through it. you can't just walk around from 5 feet, 10 inches high and figure out what it's gonna look like. you've got to put that camera up to the eye and get down on your belly and look at it. - take the extra effort. - yeah, you have to do that. oh, yeah, you're getting those two flowers there, aren't you? nice shot. - these large flower trillium are really, really spectacular, even though-- - they are, and these are at their prime. - yeah, and we're a little early for the overall spring flowers, what, about a week, week and a half early? - probably for this location. - but this is still-- you don't have to have the whole area blanketed in flowers to have-- - no! - a really fantastic time. -

that clinton was right but clit was looking at this from a micro level as opposed to a macro level you have to pull a lens back and look at the thirty year trend and say well could shift the other way then there will be short term periods where increasing leveraged. work but in general you can't add any on at all because if you do you're going to continually get hurt as s. a price has declined so what you see is the gap between price and value in assets narrow and assets become valued on their utility as opposed to being valued on their speculative premium and that is a collapse the debate is going to get all areas of the economy you know housing people think of it as well you know this is how we get wealthy used average americans we buy a house it goes up in value no no no housing is depreciating capital asset you buy a house because you need a place to sleep now let's talk about the secular trends for a second to put this into context because you're talking about a thirty year trend if you go back thirty years what happened well you had ronald reagan was in office and you had paul volcker as fed chairma

clinton was right but clint was looking at this from a micro level as opposed to a macro level you have to pull a lens back and look at the thirty year trend and say well could shift the other way then there will be short term periods where increasing leveraged. well work but in general you can't have any on at all because if you do you're going to continually get hurt as asset prices decline so what you see is the gap between price and value in assets narrow and assets become valued on their utility as opposed to being valued on their speculative premium and that is a collapse the dude is going to get all areas of the economy you know housing people think of it as well you know this is how we get wealthy used average americans we buy a house it goes up in value no no no housing is a depreciating capital asset you buy a house because you need a place to sleep now let's talk about the secular trends for a second to put this in a context because you're talking about a thirty year trend if you go back thirty years what happened well you had ronald reagan was in office and you had paul volcker as fed chai

macro issue. do the regulators want them not to lend? when you raise capital, what it says is don't len.lend from the government. how do you be a banker in this world? how do you do it? the quarter will illuminate us on housing and the credit card. how do you have to get rid of a lot of the people you liked and the whale were behind the control issues and are they behind them and how did it ripple into the system? every day i see a regulator that says we have to reign in the banks and the pressure from congress is would you please stop lending and i want to hear how the line is. >> we've heard the regionals go on such a tear. is that done for now, do you think? >> are they really able to get better rates? maybe they can make money and although the transition will be difficult and that's why again, be careful. most of them have been 20% up and i think that's a dangerous thing, and i wish they were down in the quarter and i don't like when they're up into the quarter. >> finally, tonight on "mad." sometimes, i mention a company and say i like it, i don't like it and when they come down i s